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Deputy treasurer lays out plan to use some unclaimed-property transfers to fund VT Saves; committee reviews retirement technical changes
Summary
Deputy Treasurer David Sherritt outlined a proposal to reconfigure transfers of unclaimed property (raising the per-account threshold to $150 and placing a $300,000 annual cap) so the VT Saves retirement program reaches self-sufficiency; the committee also heard testimony on allowing union presidents to purchase retirement service credit.
Deputy Treasurer David Sherritt (speaker 8) briefed the committee on a proposal to reconfigure an existing unclaimed-property transfer to help capitalize VT Saves, the state-facilitated retirement-savings program. He said VT Saves has grown from zero to more than 6,000 accounts and roughly $7 million in assets under management since launch and that the administration seeks a sustainable funding path until the program becomes self-sustaining.
"The proposal will do three things," David Sherritt (speaker 8) said: fund VT Saves until it reaches self-sufficiency, do so without impacting the general fund, and provide greater revenue in the long run to the Higher Education Trust Fund. Under the plan,…
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